The €1.2bn Nedlloyd Pensioenfonds (NPF) has outsourced its administration to human resources firm and pensions provider Aon Hewitt. 

Aon Hewitt will also manage the pension fund’s annual actuarial reporting.

The provider will run pensions and benefits administration for the scheme’s 12,000 participants on its standard platform Lifetime.

Ton Zimmerman, the scheme’s director, said: “Our own administration system was not fully adequate any longer, and we doubted whether it would be able to accommodate the significant adjustments following all new pensions legislation.

“Moreover, we were facing increasing costs, as the customer base of our licensed system was eroding.”

Over 2012, NPF reported costs per participant of €310.

Zimmerman said he expected these costs would come down over time, due to the benefits of scale at Aon Hewitt. 

He added that NPF did not have concrete plans to join a larger organisation, but noted that it was considering future cooperation.

“Being a pension fund with many pensioners, we are vulnerable, in the opinion of supervisor De Nederlandsche Bank,” he said.

NPF has approximately 8,035 pensioners and 3,080 deferred members, but only 650 active participants.

They are affiliated with six complanies, including the large shipping company Mǿller Maersk.

The scheme returned 9% on investments in 2012 and had a funding ratio of 108.9% as of the end of February.